Welcome to the Georgia Safe Retirement Planners Podcast, your trusted source for retirement planning and financial security in Georgia. In today's episode, we tackle an essential question: Who pays your pension when you retire?
Many retirees are unaware of how their pension payments are managed and the potential drawbacks of traditional pension annuities. Typically, your pension is paid out by the system overseeing your retirement plan—be it a public entity like the Teachers Retirement System or Social Security, or a private organization. Often, pensions utilize an annuity company to distribute monthly payments, guaranteeing lifetime income. However, this setup can have significant downsides: you might relinquish control over your savings, miss out on earning interest, and leave no death benefit for your heirs.
Join our expert hosts as they explore a better alternative—rolling your pension's lump sum into an IRA annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB). This option not only provides similar lifetime income but also addresses the common shortcomings of traditional pensions. You'll maintain control over your funds, continue to earn interest, and secure a death benefit for your beneficiaries. Plus, you have the flexibility to choose the insurance company that best meets your needs, rather than being limited to your employer's selection.
Don't miss this informative episode that could empower you to enhance your retirement strategy, ensuring more security and control over your financial future. For more details and resources, visit our website.
